ORION Fund Services, a wholly owned subsidiary of Zurich Australia, has chosen to implement DST Internationalâs Automated Work Distributorâ¢ (AWD) range of products from its HiContact family to facilitate the companyâs growth in the converging market of traditional employee benefits and asset management. The
alliance directly links the financial success of ORION to the licence agreement and future compensation for DST International, the worldâs leader in work management solutions for third party administration(TPA).
Mr Stuart Robertson, CEO of ORION Fund Services outlined, "We are excited to be forming this relationship with DST as we anticipate that these business solutions will facilitate our aggressive growth strategy and position us at the top of the TPA ladder in the coming years. The DST technology is a cornerstone of our business model as the company has a workflow engine that is very highly regarded."
ORION was also attracted to the DST solution as it saw immediate benefits from the scalability of the DST solution, allowing the fund services provider to plan for rapid expansion.
"Significantly, the solution from DST requires a much lower level of development in its configuration and this leaves the power in the hands of the business analysts, rather than the technologists behind the scenes," said Robertson.
The implementation of the DST HiContact range of solutions has been segmented into three phases, with phase one already complete. Initial efficiencies have resulted in improved management of workflow and greater transparency of information for client and management requirements. Phase two and three will be implemented in quarter three and four of 2002 respectively and this is where the major value-added efficiencies will be introduced to the ORION business model.
"Phase two will address the automated capture of all information across multi-channels, introduce a higher level of intelligence into the basic decision making process plus integrate external employer payment software seamlessly into the DST solution. We expect that it will be the third phase that integrates the HiContact family solution with the line of business systems, and facilitates web-based transactions being processed directly to these lines of business systems, to fully realise our goal of using workflow technology to run the ORION business more efficiently," said Robertson.
DST believes that the recently installed HiContact solutions will provide ORION with at least twelve months competitive advantage, following a record
"ORION now has access to intra-day turnaround times for administration and reporting processes. With the introduction of such fast service levels, ORION will further differentiate itself from its industry competitors," signalled Mr Ian Mathieson, Managing Director, DST International.
The AWD range of products available within the HiContact family is unique in the financial services sector due to input from DSTâs parent company, DST
Systems Inc. â the worldâs largest third party administrator. DST Systems rely on AWD to service over 8,000 mutual funds and almost 80 million accounts
annually in the United States.
"AWD can facilitate greater response to your customerâs requests and this can translate into increased customer loyalty, profits and staff satisfaction â simply by incorporating a greater level of intelligent automation in routine tasks. Furthermore the automation, and in most cases total elimination, of many costly manual procedures results in immediate operational cost savings and guarantees a very speedy return on investment," Mathieson concluded.